Regulators of Switzerland are ready to restrict the transactions made in crypto to prohibit any kind of illicit activities with the crypto payments.
In the present time crypto adoption is at tremendous level but on the other side illicit uses of crypto is Increasing, so to avoid such kinds of illicit activities, high restrictions – regulations are mandatory on crypto. Around a year ago, a law was passed in Switzerland to stop money laundering but now that law is ready to take effect in official mode.
According to the Swiss Financial Market Supervisory Authority (FINMA), all the Digital assets services providers should have to follow the new measures imposed. And under new guidelines no one users are allowed to facilitate transactions with funds more than 1000 Swiss francs.
FINMA is a regulatory department of Switzerland and this authority is responsible to provide Investors protection in the financial system by imposing better rules, regulations & guidelines.
If any person will facilitate transactions above 1000 Swiss francs, then intermediaries need to identify their clients in bitcoin and other cryptocurrencies.
The measures implemented by the FINMA are the reason of recent illicit activities ( like Money Laundering) associated with the high amount of fund Transactions in crypto. So regulators are imposing high restrictions on Crypto instead of fiat based services and firms. Under this rule, all the crypto ATMs are also associated, so that bad actors can’t use the platform in their own ways to trick the system.